Man brought in to make Ascot work both physically and financially has decided
time has come to ease back on an ever-demanding job.

The search for a new Ascot chief executive has begun after Charles Barnett announced he is to retire following the 2014 Royal meeting, although he will stay on in an advisory capacity.

Barnett, 65, was brought in from Aintree, where he had been running the Grand National for 15 years, in 2007 to iron out the numerous teething problems associated with the new £230 million grandstand, which had resulted in huge numbers of complaints following the hurriedly prepared 2006 Royal meeting. His job specification, effectively, was to make the new Ascot work both physically and financially.

Under his stewardship the new facility has come to be more appreciated, and even liked, by racegoers. He also helped oversee the introduction of Qipco Champions Day three years ago, big increases in prize money for the Royal meeting, and greater internationalisation of racing at Ascot.

“One’s job is never done,” he said, “but the moment has come where I want to spend more time at my home in Wrexham. I will not be sitting on my hands. I will still help with Ascot in one way or another and, hopefully, I will have some value to other people too.

“Probably the best day was the Queen winning the Gold Cup with Estimate this summer while Frankel seemed to become an integral part of Ascot. Nick Smith persuading Black Caviar to come over was also a huge result.”

Ascot is now ahead of target in paying back loans, which has allowed the course not only to increase prize money but to continue reinvesting profit. One of numerous current projects is to take out 14 boxes on the fifth floor and replace it with a 200-seater panoramic restaurant.

Johnny Weatherby, Her Majesty’s Representative at Ascot, said: “He’s done a fantastic job. The good thing is that once he has handed over to a new CEO he will still be involved in Ascot racing matters, which is an area in which he excels.”

Headhunter Spencer Stuart has been appointed to have a replacement in place by June 2014 so that they can get a taste of a Royal meeting.